Palmetto gets $20 million credit line for its solar and energy efficiency installation marketplace

TechCrunch | 2/15/2019 | Staff
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For homeowners that want to go green, but have trouble figuring out how to do it, Palmetto Clean Technologies has the answer.

The company has an army of salespeople to pitch the benefits of solar power and energy efficiency, and will connect would-be clean energy consumers with financing options, installers, and software to monitor and manage their equipment.

Palmetto - Credit - Line - Investment - Firm

What Palmetto lacked, until the new $20 million credit line it has received from the utility-backed investment firm, Energy Impact Partners, is a way to smooth its revenues while it fronted the costs of solar panel acquisitions and installation.

“One of the big problems that we’re solving for in our industry is the Chinese wall between project finance and corporate finance,” says Chris Kemper, the company’s chief executive.

Money - Energy - Investment - Partners - Kemper

With the new money from Energy Investment Partners, Kemper says that the company will be able to manage project installations and the inherent cash flow issues that need to be solved.

Kemper says that Palmetto has managed to solve a few key problems for consumer-facing clean energy installations.

Company - Avon - Energy - Company - Representatives

Consider the company the Avon of clean energy. The company has representatives who go out and pitch consumers on the benefits of clean energy, they negotiate a price for installation with their clients and help customers sort through financing options and local installation needs.

“We make our money by a very thin margin by way of improving and scaling these workflow processes,” says Kemper.

Salesforce - Palmetto - Clean - Technology - Logistics

Indeed, behind the salesforce is Palmetto Clean Technology; providing logistics and infrastructural support, information on clean energy’s benefits, and a bundle of software tools that customers can use to manage and monitor how their solar installations are operating — and ideally saving them money.

“We’re the first platform company in the residential clean technology space and our emphasis is to bring the ability to start or become an entrepreneur in this...
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